MetLife Investment Management LLC

Item 5: Fees and Compensation

The Firm is typically compensated for its advisory services based upon a percentage of assets
under management and for certain clients the Firm charges an asset-based fee based on book
value or principal balance outstanding. The Firm tailors its advisory services based on the needs
of the client. As such, all advisory fees are agreed with the client depending on the scope of
services the Firm is providing (other than for any funds or other pooled investment vehicles
(“funds”), where the fee is set forth in the offering documents, as amended from time to time). The
amount and terms of the fee is either set forth in the fund offering documents or constituent fund
documents or in an agreement between the Firm and the client.
For separately managed accounts, the Firm also receives other fees such as acquisition fees,
disposition fees, development fees, and debt placement fees, in connection with the mandate as
agreed to between the client and the Firm. The Firm also receives [fixed, variable] fees for certain
loan asset management and reporting services. Additionally, certain clients pay a performance-
based fee, the terms of which are agreed upon with the Firm. Any performance-based fee
arrangements are structured to comply with Rule 205-3 under the Investment Advisers Act of 1940,
as amended (the “Advisers Act”). The valuation methodology, as well as the frequency in which
portfolio holdings are valued used to calculate the Firm’s fee, is agreed to between the client and
the Firm.
The Firm generally charges its fee in arrears on a quarterly basis. While the Firm does not solicit
clients to pay in advance, it can accept such arrangement at a client’s request. For any fees
collected in advance where a client terminates prior to the end of a billing period, any prepaid fees
would be refunded on a pro rata basis.
In addition to the Firm’s fee, clients incur additional charges imposed by other service providers,
including service providers that are affiliates of the Firm. As a general matter, these fees are
separate from the Firm’s advisory fee, and the Firm receives no portion of them. In some

                                                                     Form ADV Part 2A | May 11, 2026

circumstances, the Firm has agreed to reduce its advisory fee to offset certain fees received by
MIM’s affiliates. These arrangements are negotiated on a case-by-case basis and agreed to by
each client.
Common Types of Expenses Related to Real Estate Strategies

Clients and funds investing in real estate strategies either directly or through allocations by the Firm
or its Affiliates to such strategies, bear, directly or indirectly, certain expenses relating to those
investments. Examples of such expenses include, without limitation:
   •   all fees, expenses and costs associated with making investments, including transaction fees,
       due diligence costs, legal fees, transfer taxes, title premiums, closing costs, among others;
   •   property, loan administration servicing and similar fees;
   •   taxes, fees, related interest, or other governmental charges; and
In addition, clients investing in funds also are subject to:
   •   fund organizational and operating expenses, including fees associated with the retention of
       service providers such as a custodian, transfer agent, auditors, among others;
   •   the costs, fees, and expenses relating to marketing the fund to potential investors, including
       the costs, fees, and expenses associated with marketing, advertising, printing, wholesaling,
       (where applicable) registering the fund for marketing in certain jurisdictions and other capital
       raising expenses; and
   •   If the fund is a feeder fund, such feeder funds bear a pro rata share of the expenses
       associated with the master fund.
The above lists are not exhaustive. Clients should refer to an applicable offering document for a
more extensive description of the expenses associated with an investment in such a strategy. In
addition, Clients will also incur brokerage and other transaction costs. Please refer to the section
entitled “Brokerage Practices” below for more information on these practices.
Expense Allocation

Expenses frequently will be incurred by multiple client accounts and funds. Expense allocation
decisions involve conflicts of interest (e.g., an incentive to favor advisory clients that pay higher
incentive fees or conflicts relating to different expense arrangements with certain advisory clients).
The Firm allocates aggregate costs among the applicable client accounts (and, in certain cases,
among the Firm and applicable client accounts and funds) in accordance with expense allocation
policies and procedures, which are reasonably designed to allocate expenses in a fair and
reasonable manner over time among such advisory clients. Under its current expense allocation
policies, the Firm generally allocates the expense among the client accounts and funds on a pro rata
basis based on assets under management. However, the Firm will in certain cases bear the allocable
share, or a portion thereof, of expenses for particular clients and funds and not for others, as agreed
with such clients or funds or as determined in its sole discretion, which will lead to a lower expense
ratio for certain clients and funds. The Firm can also allocate a portion of any expense to itself where
a product or service is shared between the Firm and its Affiliates on the one hand and the Firm's
client accounts and funds on the other. In these and other circumstances, the Firm can deviate from
pro rata allocation if it deems another method more appropriate based on the relative use of, or
benefit from, a product or service, or other relevant factors. While the Firm’s policies and procedures
are intended to result in expense allocation that is fair and equitable across client accounts over
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Item 7: Types of Clients

Through MIM RE, the Firm provides its advisory services to institutional clients including corporate
entities, pension and profit sharing plans (including government, Employee Retirement Income
Security Act of 1974, as from time to time amended (“ERISA”), and Taft-Hartley plans), insurance
companies, charitable institutions, foundations, and endowments, sovereign funds, limited
partnerships, and MetLife general and separate affiliated accounts which includes MetLife’s
domestic insurance company subsidiaries (the “MetLife Accounts”), registered investment
companies, pooled investment vehicles (including private funds), and public and government
entities. With respect to any pooled investment vehicle, the Firm provides investment advice and
other services directly to such vehicle and not individually to the investors in such vehicle.